Tracking the probe on Sekhar Reddy's illegal money trail — Gold, cash and murky deals

ED arrests sand mining baron Sekhar Reddy

Income Tax department officials come out of the office of K. Rathinam, an associate of Sekhar Reddy, after conducting raid in his premises in Dindigul on Saturday.

Income Tax department officials come out of the office of K. Rathinam, an associate of Sekhar Reddy, after conducting raid in his premises in Dindigul on Saturday.   | Photo Credit: Special Arrangement

Industrialist and sand mining baron J. Sekhar Reddy was arrested by the Enforcement Directorate (ED) late night on Monday.

A senior Enforcement Directorate official said, “He has been arrested on charges of money laundering. He has been remanded in judicial custody.” More details would be available later as they were still quizzing him on the issue.

Ongoing investigation

On December 20, 2016, the ED registered a case against Reddy and his business partner Sreenivasulu under the provisions of the Prevention of Money Laundering Act (PMLA).

This was based on an FIR registered by the CBI.

On December 9, the Income Tax Department, during a search, unearthed ₹96.89 crore cash in old high denomination notes and ₹9.63 crore in ₹2,000 currency, along with gold weighing 127 kg, approximately worth ₹36.29 crore.

A day after, another ₹24 crore in ₹2,000 notes was seized by the department.

A letter from the Editor


Dear reader,

We have been keeping you up-to-date with information on the developments in India and the world that have a bearing on our health and wellbeing, our lives and livelihoods, during these difficult times. To enable wide dissemination of news that is in public interest, we have increased the number of articles that can be read free, and extended free trial periods. However, we have a request for those who can afford to subscribe: please do. As we fight disinformation and misinformation, and keep apace with the happenings, we need to commit greater resources to news gathering operations. We promise to deliver quality journalism that stays away from vested interest and political propaganda.

Support Quality Journalism
This article is closed for comments.
Please Email the Editor

Printable version | May 25, 2020 4:22:05 AM | https://www.thehindu.com/news/national/tamil-nadu/ed-arrests-mining-baron-sekhar-reddy/article17549715.ece

Next Story